海外之声 | OMFIF主席：非洲绿色债券备受关注（中英双语）

观点速递

本文作者是IMI国际委员会委员，货币金融机构官方论坛（OMFIF）联席主席大卫·马什。原文摘自OMFIF评论，OMFIF是一家总部位于伦敦的全球金融智库。

绿色债券指为环保项目融资的债券。作者提出，在国际资本市场，绿色债券是一个增长迅速的领域，而非洲国家在这一领域有可能发挥领导作用。作者以国际金融公司在非洲投资为例，说明了在经济总量低的地区进行投资的可行性，同时也提出了绿色债券缺乏国际标准、市场分割等缺点。

中文译文如下：

推动非洲绿色债券发行的机构

智慧发展资金案例

大卫·马什

翻译：徐佩岚

审校：肖柏高

由于过去三年石油和商品价格下跌，以及非洲大陆两大最大经济体南非和尼日利亚一些众所周知的问题，非洲不再像从前那样受到投资者的青睐。

然而，在国际资本市场，有个快速增长且仍有潜力的领域，非洲国家在这一领域可能有空间发挥主导作用。这个新领域可能就是发行“绿色债券”，以便在政府、银行和国际发展机构的一系列倡议下，为环保项目融资。

上周，由世界银行下属私营部门国际金融公司主办的非洲资本市场会议在内罗毕举行，其中绿色债券发行小组会议约有100人参加，是最受欢迎的一次会议。在该会议上，巴克莱银行，花旗银行，肯尼亚银行家协会和伦敦证券交易所代表分别进行发言。一位发言者说，三四年前，只有少数代表参加。

肯尼亚是国际金融公司会议的主办单位（其中OMFIF是合作伙伴组织方之一），其正在考虑在八月份的选举之后启动绿色债券，旨在凸显该国在提高能源自给自足和减少碳排放方面的进步。这一进步部分得益于中国对地热能源项目的投资。由于最近经济不景气，包括安哥拉和尼日利亚在内的许多非洲国家的债券也被降级，这些国家也可能发行此类债券。

对于这种计划、甚至对于整个非洲资本市场而言，障碍之一是非洲的经济总量低和碎片程度高。另一方面，大多数非洲经济体的增长远高于世界平均水平，风险导向型的投资者通常可以为其资金寻找渠道，产生高于与实际风险相匹配的报酬。

国际金融公司财务主管华敬东指出，工业化经济体中以低收益或负收益工具为载体的固定收益私募为40万亿美元。他极力推荐投资集团和养老基金大胆向发展中经济体投资。在内罗毕，华敬东提出了由国际金融公司发起“dispora”债券的想法，以吸收富裕的非洲人在国外的储蓄，鼓励汇回一些非法持有的海外财产。

国际金融公司处于华敬东所说的“聪明利用（公共部门）资产负债表”的前沿，融合来自多边机构和捐助国政府的资金与非洲、拉丁美洲和亚洲的创新性私营部门融资。这是提供发展援助的政府开始逐渐采用的“共同观点”，上述融合即为该思想的一部分。这将使得许多国家的纳税人的钱能进一步投资于意义更大的领域，如港口、高速公路、铁路和能源、电信和教育等。

国际金融公司于3月份公布，将为发展中市场提供3.25亿美元的绿色债券基金。该公司与欧洲资产管理公司Amundi合作，从其他国际投资者筹集高达20亿美元，为新兴市场打造最大规模的绿色债券基金。其他集团，如欧洲投资银行和德国国家融资机构KfW，都是绿色债券的发行人和投资者。

全球绿色债券市场总额不到1亿美元，只占100万亿美元规模的固定收益部门的极一小部分。但由于2015年12月巴黎会议出台全球反气候变化措施，投资管理团体熟练的市场营销，以及世界各国政府和投资者对环境投资工具的需求，发行量有所增加。

波兰12月份发行了第一个主权绿色债券。之后法国于1月份发行70亿欧元的绿色债券。根据预测，今年发行量将达到1100亿至1200亿美元，高于2016年的最高记录930亿美元。由于供不应求，绿色债券在售后市场上的表现似乎优于标准债券，但由于缺少长期数据，很难确定这是一个持久的趋势。

缺点之一是缺乏绿色债券国际标准。没有全球监测机制来确保“绿色债券原则”或“气候债券标准”等框架所规定的参数是否得到遵守，此外市场还有分割。为了改善认证程序，英国央行和中央人民银行正在20国集团主导经济体的倡议下进行合作。

随着新兴市场绿色债券规模扩大，部分需求将来自于就是北欧养老基金和公共部门机构。挪威的主权基金——通常被列为世界上最大的基金以及环境投资的领导者——投资于77个国家50种货币。截至2016年底，包括博茨瓦纳，加纳，肯尼亚，毛里求斯，摩洛哥，尼日利亚，坦桑尼亚和乌干达在内的30个前沿市场，在未来几年可能发行非洲绿色债券。

英文原文如下：

Institutions propelling African green issuance

The case for smart development money

by David Marsh in Nairobi

Thu 18 May 2017

Africa has slid down investors’ lists of favoured investment destinations as a result of the fall in oil and commodity prices of the last three years and the well-known problems of South Africa and Nigeria, the continent’s two largest economies.

However, in one fast growing but still undersized section of international capital markets there could be room for African countries to play a leading role. The new frontier for Africa may be the issuance of ‘green bonds’ to finance environmentally friendly projects under a range of initiatives by governments, banks and international development agencies.

A panel on green bond issuance, with around 100 participants, was one of the best-attended sessions at last week’s African capital markets conference in Nairobi organised by the International Finance Corporation, the private sector scion of the World Bank. It featured presentations from Barclays, Citibank, the Kenyan Bankers Association and the London Stock Exchange. As one speaker said, three or four years ago only a handful of delegates would have taken part.

Kenya, the host for the IFC conference (where OMFIF was one of the partner organisations), is considering launching a green bond after elections in August, intended to highlight the country’s advances in improving energy self-sufficiency and reducing carbon emissions. The progress is partly due to investments in geothermal energy projects financed by China. A range of African countries which have seen their bonds downgraded as a result of recent economic misfortunes, including Angola and Nigeria, are also candidates for such issuance.

One of the impediments for such schemes – and to the development of African capital markets as whole – is the continent’s low economic weight and high fragmentation. On the other hand, most African economies are growing at well above the world average, and risk-orientated investors can normally find channels for their funds yielding rewards that more than match actual risk.

Jingdong Hua, the IFC’s treasurer, points to $40tn of fixed income placements in industrialised economies in low or negative interest instruments. He urges investment groups and pension funds to become more adventurous in funnelling capital to developing economies. Hua propounded in Nairobi the idea of the IFC launching ‘diaspora’ bonds to absorb savings held abroad by wealthy Africans, a bid to encourage repatriation of sometimes illicit offshore holdings.

The IFC is in the forefront of what Hua calls ‘smart use of [public sector] balance sheets’ to combine funds from multilateral agencies and donor governments with innovative private sector financing for Africa, Latin America and Asia. This is part of the ‘joined-up thinking’ gradually taking hold among governments providing development aid. This will allow taxpayers’ money in many countries to stretch further into boosting beneficial investment in ventures ranging from ports, highways and railroads through to energy, telecommunications and education.

The IFC is placing $325m in a green bond fund for developing markets, in a move announced in March. It has partnered with Amundi, the European asset manager, to raise up to $2bn from other international investors to create the biggest-yet green bond fund for emerging markets. Other groups such as the European Investment Bank and KfW, the German state financing agency, are both issuers of and investors in green bonds.

The worldwide green bond market totals less than $1tn, a miniscule part of the overall fixed income sector of around $100tn. But issuance has increased, owing to worldwide accord on anti-climate change measures in Paris in December 2015, adroit marketing by investment management groups, and demand for environmental instruments from governments and investors around the world.

Poland launched the first sovereign green bond in December. This was followed by a €7bn French green bond in January. Issuance this year is forecast at $110bn-$120bn, above the record $93bn in 2016. Because demand outstrips supply, green bonds appear to be performing better than standard bonds in the aftermarket, although the scarcity of longer-term data makes it impossible to discern whether this is a durable trend.

One of the drawbacks is lack of international standardisation of what constitutes a green bond. There is no worldwide monitoring mechanism to ensure compliance with the parameters set by frameworks such as the Green Bonds Principles or Climate Bonds Standards, adding to market fragmentation. To improve certification procedures, the Bank of England and People’s Bank of China are collaborating under an initiative spurred by the G20 leading economies.

As emerging market green bonds attain greater scale, one area of demand will be Nordic pension funds and public sector agencies. Norway’s sovereign fund – usually classified as the world’s largest, and a leader in environmental investments – has investments in 77 countries and 50 currencies. At end-2016 this encompassed 30 frontier markets, including Botswana, Ghana, Kenya, Mauritius, Morocco, Nigeria, Tanzania and Uganda – all candidates in coming years for launching African green bonds.

This article first appeared in OMFIF Commentary on May 18, 2017. David Marsh, Member of IMI International Committee, Managing Director of OMFIF.

观点整理  田雯

图文编辑  田雯

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